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Valid Consideration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Valid Consideration

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by MikeLittle.
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  • July 27, 2023 at 11:49 am #689007
    whydoyoucare
    Participant
    • Topics: 50
    • Replies: 46
    • ☆☆

    Which of the following CANNOT constitute valid consideration for the purposes of forming a legally binding contract with the offeror?
    A Acknowledgment of past payment
    B A promise to assist in an illegal act
    C A promise to pay the offeror in the future
    D A promise to complete a pre-existing duty owed to a third party

    The answer is B Ofc. But how is A a valid consideration. Can you explain with an example?

    July 27, 2023 at 8:12 pm #689036
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    “Can you explain with an example?”

    Very simply, no! I’m not even sure what an “Acknowledgment of past payment” is!

    I have, in my mind, the possibility of the resurrection of a statute-barred debt. Where a debt has existed for in excess of 6 years (simple contract – 12 years for specialty contract) and the debtor writes to the creditor and says something like “Aha! I owed you money 6 years and 2 months ago and you have failed to collect it. So now it’s statute barred. Ha ha ha”

    I’m wondering if that’s the situation that we’re looking at here. Because such a message will resurrect the debt even though it has existed for greater than six years.

    Otherwise, I don’t recognise the expression.

    Sorry

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